Indian Scrap market looks positive on strong GDP

INDIA January 18 2016 9:45 AM

NEW YORK (Scrap Register): Prices for Indian containerized shredded scrap have continued their slow rise in the first week of January, with prices ending at $205 a ton CFR Nhava Sheva, said The Steel Index in a report.

The increase in prices has been due to demand improving in the domestic scrap market and also a result of the Indian government considering imposing a minimum import price on scrap. 

Looking ahead, the scrap market in India looks positive due to the strong GDP as well as a government-led focus on investment in infrastructure.

However, the monthly average prices for containerized Indian shredded imports rose $2.40 a ton to $203 a ton CFR Nhava Sheva port in December.

Offers into India remained stable between $200-$205 a ton in early December. This came as domestic demand also remained relatively stable, which surprised some participants.